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Income Tax (Earnings and Pensions) Act 2003, Cross Heading: Performance allowances: method one is up to date with all changes known to be in force on or before 27 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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41(1)The requirements of this paragraph are those contained in sub-paragraph (2).U.K.
(2)In the case of an award in relation to which the plan provides for performance allowances—
(a)at least 20% of the shares in the award must be awarded without reference to performance in accordance with the requirement of paragraph 9 (participation on same terms),
(b)the remaining shares must be awarded by reference to performance, and
(c)the highest number of shares within paragraph (b) awarded to an individual must not be more than four times the highest number of shares within paragraph (a) awarded to an individual.
(3)In determining for the purposes of sub-paragraph (2)(a) whether the requirement of paragraph 9 is met, the shares to which sub-paragraph (2)(a) applies are to be treated as a separate award of free shares.
(4)If the plan meets the requirements of this paragraph, the requirement of paragraph 9 does not apply to any provision of the plan relating to the awarding of shares within sub-paragraph (2)(b).
(5)If free shares of different classes are awarded, the requirements of this paragraph apply separately in relation to each class.
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